Dormitory Authority boosts school projects

TRD New York /
Jun.June 15, 2010 06:00 PM

The Dormitory Authority of the State of New York, which provides funding for public and private higher universities, health care facilities and public service institutions, has been backing many higher education projects.

Two recent beneficiaries of the funds have been. St. Joseph College — which received $30.87 million in tax-exempt bonds — and St. John’s University — which received $12 million in a tax-exempt equipment leasing program.

In May, at its board meeting, the Dormitory Authority approved the sale of approximately $101.94 million in tax exempt bonds to St. Mary’s Healthcare System for Children in Bayside Center. The proceeds of the bonds are expected to fund a major modernization of the campus including a new five-story addition and renovations to the existing building.

In February, Memorial Sloan-Kettering Cancer Center announced that the center paid $83.1 million for the buildings formerly known as Cabrini Medical Center, located between 19th and 20th streets and Second and Third avenues. The 450,000-square-foot, five-building complex will be known as Memorial Sloan Kettering 19th Street, and will become an outpatient cancer center.

The Dormitory Authority board approved a resolution to provide $80 million in 30-year tax-exempt bonds for the Cabrini acquisition and renovation. Last year, the Dormitory Authority approved a $75 million lease finance transaction for the center’s sophisticated medical equipment.

The Dormitory Authority is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with an outstanding bond portfolio of more than $41.7 billion. The Dormitory Authority also has a New York State construction pipeline of more than 700 projects valued at $6.65 billion.

Michael Stoler is a columnist for The Real Deal and host of real estate programs “The Stoler Report” and “Building New York” on CUNY TV and on WEGTV in East Hampton. His radio show, “The Michael Stoler Real Estate Report,” airs on 1010 WINS on Saturdays and Sundays. Stoler is a director at Madison Realty Capital as well as an adjunct professor at NYU Real Estate Institute, and a former contributing editor and columnist for the New York Sun.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
Reeves Wiedeman (Photos via Amazon; Reeves Wiedeman; iStock)

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork
Starwood loses control of another mall in default

Starwood loses control of another mall in default

Starwood loses control of another mall in default
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Russell Weiner with 12520 Seminole Beach Road and 12395 Banyan Road (Redfin)

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...